News

MEI licenses USA Technologies' intellectual property for cashless vending

September 13, 2004

WEST CHESTER, Pa. - MEI, a manufacturer of payment systems, and USA Technologies, a provider of cashless transaction services, have signed a technology licensing and sales agreement to bring a turnkey cash and credit card payment system to the vending market. Under the agreement, MEI licensed USA Technologies' intellectual property so operators can connect to USALive - USA Technologies' network for services and credit card transaction capability.

This agreement features a new product suite from MEI. The two products provide cash and credit card reading with supporting wireless communications. The MEI series 2000 combo acceptor consists of the MEI series 2000 bill acceptor with a debris-resistant, swipe-style credit card reader.

Credit card transactions and communications to USALive are handled by the MEI EASITRAX remote data port. USA Technologies' USALive network authorizes credit and debit cards used, processes the charges and deposits funds directly into an operator's bank account.

The unique combination of traditional payment methods with cashless will offer consumers more payment choices at vending machines, from using coins and bills, to credit or debit cards and MEI coupons.

The vending industry is beginning to see growth in cashless transactions, with major beverage companies, consumer product companies and vending machine manufacturers incorporating credit card payment systems as an additional consumer payment option, bringing to market a product that fits today's consumer's lifestyle.